Question: Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year. Jan 15 Paid an employee B. Vaughn

Parry Paint LLC started operations on January 1, 2019. It had the following payroll transactions during the year.

Jan 15 Paid an employee B. Vaughn $1,560 cash for January 1-15 salary, calculated as follows:

Gross Pay

Deductions

Income taxes

15%

FICA Social Security

6.2%

FICA Medicare

1.45%

Total deductions

Net Pay

$2,000

The company matches FICA deductions.

Required:

  1. Calculate B. Vaughns net pay and journalize the entries to record her payroll.
  2. Prepare journal entries to record the above transactions. Show necessary calculations.

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